Galway Resources' infill drilling intercepts 210 feet of molybdenum/tungsten at Victorio



    ELKO, NV, April 16 /CNW/ - Galway Resources Ltd. (GWY: TSX-V) is pleased
to announce encouraging drilling results from the Victorio molybdenum-tungsten
project located in southern New Mexico. The 6-hole 10,000 feet infill drilling
program was recently completed with the results of the first two holes
provided below. The purpose of the infill drilling program is to upgrade the
resource categories from those outlined in the recently published N.I. 43-101
resource estimate done by S.R.K. Consulting (U.S.) Inc. The next step in the
advancement of this project is to initiate a Scoping Study.
    "I am very pleased with these first results which corroborate the
significant thickness, continuity, and grade of the ore body defined by the
165,000 feet (71 holes) of drilling done by Gulf Minerals. They advanced the
project to the pre-feasibility level but dropped the project in 1983 due to
depressed molybdenum and tungsten pricing. While there is potential to expand
the deposit, the defined area of mineralization and implied metal value are
among other factors, reasons why this project is our company's flagship
property and is a good candidate for low cost bulk underground mining
methods," cites Marshall Himes the COO of Galway Resources.

    Highlights of the Current Drill Results.
    The most noteworthy for the results received thus far and outlined below
is the 210 foot thickness of mineralization intersected in GRV-72.
Additionally, the grade for this intercept is above the average grades cited
in the resource estimate just released. To see the plan map and cross section,
please click on the following links:
http://www.galwayresources.com/i/misc/VictorioDrillHole_4_10_07.jpg
http://www.galwayresources.com/i/misc/image3.jpg . The intervals listed
represent true thickness.

    
    Victorio Drill Results

    -------------------------------------------------------------------------
                                                            Intervals(*)
                                                       ----------------------
     Hole        Depth in    Depth in      Thickness               % Tungsten
    Number      feet From     feet To       in feet       % Mo        -WO(3)
    -------------------------------------------------------------------------
    GRV-70         1650         1690           40         0.09         0.25
    -------------------------------------------------------------------------
    GRV-70         1740         1805           65         0.21         0.10
    -------------------------------------------------------------------------
    GRV-70         1860         1875           15         0.18         0.05
    -------------------------------------------------------------------------
    GRV-70         1885         1900           15         0.20         0.03
    -------------------------------------------------------------------------
    GRV-72         1495         1705          210         0.19         0.16
    -------------------------------------------------------------------------
    (*) The cutoff is calculated using U.S.$12/lb Mo and $8/lb WO(3).
    

    "We welcome people to go to our website www.galwayresources.com, and take
a virtual tour of the Victorio Project. The extremely favorable location and
infrastructure cannot be emphasized enough. That, coupled with favorable
geometry, fuels our optimism for this project. Turning to the metals, the
continued strength and positive outlook for molybdenum and tungsten pricing
also provides us at Galway with some comfort," states Robert Hinchcliffe the
President of Galway Resources
    The company filed the NI 43-101 Technical Report on March 14, 2007 for
the Victorio Project. Some of the highlights of that report include:

    
    -  The deposit contains over 65 million pounds of molybdenum and 57
       million pounds of tungsten (WO(3)) in the Indicated Category, and 31
       million pounds of molybdenum and 33 million pounds of tungsten (WO(3))
       in the Inferred Category.
    -  Approximately 65% of the stated resources fall in the Indicated
       category, with the balance falling into the Inferred category. The
       focus of the current drilling program is to continue to upgrade the
       resources.
    -  The current price for molybdenum is US$28.00 per pound, and for
       tungsten (WO(3)) is currently US$13.00 per pound.

    -------------------------------------------------------------------------
                                                         Contained Metal
    Resource        Total         Average Grade             In Pounds
    -------------------------------------------------------------------------
                    Tons                                           Tungsten
    Category     (millions)     Mo (%)     WO(3)(%)  Molybdenum     (WO(3))
    -------------------------------------------------------------------------
    Indicated       21.5         0.15         0.13   65,000,000   57,000,000
    -------------------------------------------------------------------------
    Inferred        11.7         0.13         0.14   31,000,000   33,000,000
    -------------------------------------------------------------------------
    

    Cutoff grade is based on dollar rock value calculated from contained
molybdenum valued at US$12.00 per pound combined with the contained tungsten
(WO(3)) valued at US$8.00 per pound. As noted, the metal prices used in
arriving at the different cut off values are considerably lower than the
current molybdenum and tungsten prices. The cut-off used to arrive at the
numbers provided in the prior table is US$40.00 per ton. The resource is based
on data from 71 holes (over 165,000 feet of drilling) completed in the late
seventies by Gulf Minerals.

    Current Molybdenum and Tungsten Pricing

    After remaining below US$10.00 per pound for the past 25 years,
molybdenum prices began to rise in January 2004. Over the past 2 years or so,
prices for molybdenum have traded around US$25.00 per pound, and within the
past months prices have moved to US$28.00 per pound. Higher levels of global
molybdenum demand is cited by experts as the primary reasons that molybdenum
prices have performed so well as of late.
    A similar story holds true for tungsten, with pricing remaining between
US$2.50 per pound and US$5.00 per pound for over 20 years. Tungsten pricing
surged in January 2005 to just over US$15.00 per pound and has remained
resilient ever since. Over the past sixteen months tungsten prices have
remained around US$12.50 per pound, and more recently have moved to above
US$13.00 per pound. Continued steady global tungsten demand coupled with lower
exports from China are cited as two primary drivers for sustained strong
tungsten pricing.

    QA/QC Statement

    The Company has implemented a quality assurance and quality control
(QA/QC) program to ensure collection and analysis of all drill samples is
conducted in accordance with the best possible practices. Samples are stored
in a secured facility in Deming, New Mexico prior to shipping to the Chemex
lab in Sparks, Nevada. Other QA/QC procedures include the insertion of blanks
and control samples every 20 samples and re-assaying duplicate pulps of 5% of
all samples by a certified independent laboratory (SGS Labs). WO3 is assayed
at the Chemex Vancouver laboratory by two methods: (1) lithium borate fusion
with an XRF finish and (2) lithium borate fusion with an ICP finish.
    The results of the Company's current drilling program have been reviewed,
verified (including sampling, analytical and test data) and compiled by the
Company's geological staff (which includes a "qualified person," Peter
Kurisoo, CPG, for the purpose of National Instrument 43-101 Standards of
Disclosure for Mineral Projects, of the Canadian Securities Administrators).
Galway is following the "Best Practices Guidelines" in documenting, reporting,
and conducting exploration activities at Victorio.

    About the Company

    Management is focused on developing three U.S. based exploration projects
that are favorably located and have over 300,000 feet of historical drilling.
We have established a solid technical team that has compiled all the
historical data and we are now advancing these projects in an aggressive but
cost effective manner. Management believes that its strategic portfolio of
properties offers investors an interesting exposure to a unique blend of
commodities (molybdenum, tungsten, copper, zinc, and silver).

    The TSX Venture Exchange has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the
    contents of this news release.

    Forward Looking Statements:

    Some statements in this news release contain forward-looking information.
These statements include, but are not limited to, statements with respect to
the completion of transactions, the timing and amount of payments and share
issuances, the completion of financings, the use of proceeds, future
exploration, development and production activities and future expenditures.
These statements address future events and conditions and, as such, involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by the
statements. Such factors include, among others, the ability to complete
contemplated transactions, payments, share issuances and financings, the use
of proceeds, the time and success of future exploration, development and
production activities and the timing and amount of expenditures.





For further information:

For further information: Galway Resources Ltd., Robert Hinchcliffe,
President and Director, 1-800-475-2412, www.galwayresources.com

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